Bookkeeping becomes a chore that you may want to outsource as your online business grows. Bookkeeping services assist you in keeping track of your finances, payroll, and expenses, among other things. You have the option of using a service that integrates with your cloud accounting software or completely outsourcing your bookkeeping. We’ve hand-picked the best bookkeeping services for your online business in this article.
What Are the Benefits of Using an Online Bookkeeping Service for Your Business?
All businesses are required by the IRS to keep books containing all of their financial records. These books detail your sources of revenue as well as your business expenses. They also assist you in distinguishing between taxable and non-taxable income.
Aside from taxes and legal requirements, proper bookkeeping also allows you to track the progress and growth of your company. You can see where your money comes from, what your major expenses are, and how you can improve your business.
Maintaining proper books, on the other hand, takes time and effort. Many small businesses are unable to immediately hire a full-time accountant or CFO.
Online bookkeeping services can help with this. They enable you to run your business more efficiently by reducing the amount of time you spend on paperwork. As a small business, you can also save money by not having to hire full-time employees.
When it comes to choosing an online bookkeeping service for your business, there are a few things to consider.
- The cost of your bookkeeping service, the services you receive, and your own budget are all factors to consider.
- What services do you require? Bill payments, invoices, income and expense reports, bank and credit card statement management, payroll, and other tasks come to mind.
- Integrations – If you use cloud accounting software such as QuickBooks or Freshbooks, your bookkeeping service should be compatible with it.
- Ease of Use – How simple it is to use and how much time and resources it saves.
So, let’s take a look at the best online bookkeeping services for small businesses and see how they stack up against these criteria.
1. Bench
Bench offers professional bookkeeping services via the internet. They provide you with a monthly financial statement and an overview of your expenses, allowing you to keep track of your finances. Their visual reports at a glance help you see the big picture and provide actionable insights to help you grow your business.
They also offer a year-end financial package that includes everything you’ll need to file your taxes. They can work with your CPA or assist you in finding one to help you file your taxes on time and in a painless manner.
Bench does not handle payroll, bill payment, invoice creation, or tax filing for you. It’s ideal for small businesses that require bookkeeping services while also managing payroll, taxes and invoicing with other software.
Starting at $115 per month if paid annually.
2. Bookkeeper.com
Bookkeeper.com is a one-stop shop for small business bookkeeping services. It uses the most widely used accounting software, QuickBooks, to keep track of your finances. Their team is made up of certified accountants and QuickBooks experts, so you can rest assured that you are in good hands.
It syncs your bank and credit card statements with Quickbooks after you sign up. You gain access to your personalized chart of accounts and can create bills, invoices, and payments.
They’ll double-check that the information in your QuickBooks file corresponds to the information in your bank and credit card statements. You’ll have access to categorized statements at all times so you can keep track of your finances quickly. Each month, you will have the opportunity to meet with their team to discuss your financial statements.
Paying vendors and suppliers with checks is also possible with Bookkeeper.com. They’ll take care of printing and mailing your checks. It’ll also keep an eye on your invoices to make sure they’re paid on time.
Monthly subscriptions start at $275.
3. FreeAgent
FreeAgent is a web-based accounting program that streamlines your bookkeeping. It links to your bank accounts and allows you to keep track of expenses, send invoices and estimates, track cash flow, and get a bird’s eye view of your income, expenses, and profits.
FreeAgent does not do your bookkeeping for you; you must do it yourself or hire an accountant. You can also add multiple projects, create multi-currency invoices, have an unlimited number of users and clients, and easily set up sales tax.
It’s ideal for small businesses looking for a low-cost accounting software that allows them to do their own bookkeeping.
Pricing: $10 per month for the first six months, then $20 per month after that.
4. Bookkeeper360
Bookkeeper360 is a small business bookkeeping service that is available online. Instead of Quickbooks, they use Xero accounting software and help you set up your books so you don’t lose any data when they transfer your data to Xero.
They provide a dedicated account manager, financial statements, cash and accrual basis reporting, bills, invoicing, and payroll services to small businesses.
They also provide technical advisory, HR services, daily bookkeeping, custom and KPI reporting, and a dedicated CFO/CPA to manage your account as part of their virtual CFO plan.
Pricing starts at $199 per month.
5. inDinero
inDinero is a company that offers online accounting software, bookkeeping, and tax services. They provide an all-in-one service that includes bookkeeping, bill payment, payroll, and tax preparation.
They employ user-friendly software that provides a quick overview of your income, expenses, and profits. They have a highly dedicated team of accounting and bookkeeping experts working and managing your account behind the scenes.
The onboarding team at inDinero will assist you in setting up your account, bank, and credit statements so you never fall behind on your bookkeeping.
The number of connected accounts and transactions determines their pricing plans. Their team will work with you to develop a plan that is tailored to your company’s needs. All plans are paid annually by default, but you can request a monthly payment option.
The monthly cost is $310 if paid annually.
6. Merritt Bookkeeping
Merritt Bookkeeping provides online businesses with cost-effective bookkeeping services. They keep your books and integrate your bank and credit card accounts for up-to-date statements using QuickBooks.
They charge a monthly flat fee of $150 with no setup fees and provide free bookkeeping for non-profits and charities. If you choose the flat fee option, your costs will not rise as your business grows.
It is, however, only a bookkeeping service that does not handle payroll, taxes, or invoices. You can use third-party apps to pay your bills automatically using your Quickbooks account.
The cost is $150 per month.
We hope that this article has provided you with useful information about the best bookkeeping services for your online business. You might also be interested in our comparison of the best small business phone services and the best small business email marketing services.
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